CYFI and the Kerala Gramin Bank (KGB) has signed a Memorandum of Understanding (MOU) to pursue a SchoolBank program in Kerala, India through KGB's FI@School project. The project is set to begin in January 2017 and implemented in a span of 1 year.
The MOU outlines the FI@School project that aims to impart financial education and financial inclusion of about 50,000 students studying in 500 schools in Kerala. This will be achieved through the adoption of schools by 500 branches of the Bank over a period of six months, followed by the implementation of the project where kids learn financial education and open their own bank account. This project targets to cover students in class VI and VII. Additionally, KGB aims to actively participate and promote the program during Global Money Week.
Together with KGB and Rajagiri Outreach (the local NGO partner in delivering child social and financial education training), two Social and Financial Inclusion Trainers trainings have already been concluded. The first training program was in Kannur, Pallikkunnu on the 11th of January, 2017. The training was attended by 32 participants from the districts of Kannur, Kasargoad and Waynad. A second training program has also already been conducted in Malappuram on the 13th of January, 2017, which was attended by 23 participants.
The main focus of the trainers training is to teach teachers and bank staff how to interact with primary class students on matters related to financial education. In addition, the training also provided participants with various tools and mediums such as presentations, budgeting samples, role playing, chart presentations, and other learning methods.
The project will have its official launch on the 23rd of January, and is expected to continue rolling-out throughout the year.
About Kerala Gramin Bank
Kerala Gramin Bank is a major financial institution in Kerala with 600 branches spread across the whole state of Kerala, mostly in rural areas. It is the second largest network in the state among public sector banks. The Bank is owned by the Government of India, Canara Bank and State Government (Government of Kerala). It has a total deposit base of Rs. 148 billion with advances of Rs. 127 billion. It provides financial services to over 70 million persons in the State. Most of its clients are agriculturists and small & medium entrepreneurs. It is also the largest Regional Rural Bank (RRB) of the country in terms of total business – and it is a profit making entity since inception. Kerala Gramin Bank was formed in 2013 by amalgamating two RRBs (regional rural banks) of the state (South Malabar Gramin Bank and North Malabar Gramin Bank), both of which started in 1976. Thus, it has 40 years' legacy in rendering financial services.